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Author: Thomas F. Cargill Publisher: MIT Press ISBN: 026226210X Category : Business & Economics Languages : en Pages : 205
Book Description
This book analyzes how the bank-dominated financial system—a key element of the oft-heralded "Japanese economic model"—broke down in the 1990s and spawned sweeping reforms. Japan's financial institutions and policy underwent remarkable change in the past decade. The country began the 1990s with a heavily regulated financial system managed by an unchallenged Ministry of Finance and ended the decade with a Big Bang financial market reform, a complete restructuring of its regulatory financial institutions, and an independent central bank. These reforms have taken place amid recession and rising unemployment, collapsing asset prices, a looming banking crisis, and the lowest interest rates in the industrial world. This book analyzes how the bank-dominated financial system—a key element of the oft-heralded "Japanese economic model"—broke down in the 1990s and spawned sweeping reforms. It documents the sources of the Japanese economic stagnation of the 1990s, the causes of the financial crisis, the slow and initially limited policy response to banking problems, and the reform program that followed. It also evaluates the new financial structure and reforms at the Bank of Japan in light of the challenges facing the Japanese economy. These challenges range from conducting monetary policy in a zero-interest rate environment characterized by a "liquidity trap" to managing consolidation in the Japanese banking sector against the backdrop of increasing international competition.
Author: Thomas F. Cargill Publisher: MIT Press ISBN: 026226210X Category : Business & Economics Languages : en Pages : 205
Book Description
This book analyzes how the bank-dominated financial system—a key element of the oft-heralded "Japanese economic model"—broke down in the 1990s and spawned sweeping reforms. Japan's financial institutions and policy underwent remarkable change in the past decade. The country began the 1990s with a heavily regulated financial system managed by an unchallenged Ministry of Finance and ended the decade with a Big Bang financial market reform, a complete restructuring of its regulatory financial institutions, and an independent central bank. These reforms have taken place amid recession and rising unemployment, collapsing asset prices, a looming banking crisis, and the lowest interest rates in the industrial world. This book analyzes how the bank-dominated financial system—a key element of the oft-heralded "Japanese economic model"—broke down in the 1990s and spawned sweeping reforms. It documents the sources of the Japanese economic stagnation of the 1990s, the causes of the financial crisis, the slow and initially limited policy response to banking problems, and the reform program that followed. It also evaluates the new financial structure and reforms at the Bank of Japan in light of the challenges facing the Japanese economy. These challenges range from conducting monetary policy in a zero-interest rate environment characterized by a "liquidity trap" to managing consolidation in the Japanese banking sector against the backdrop of increasing international competition.
Author: William Tsutsui Publisher: Routledge ISBN: 1136928405 Category : Business & Economics Languages : en Pages : 319
Book Description
The unique Japanese banking system has contributed greatly to Japan’s post-war economic advance by investing aggressively in industry and by supporting close government-business relations. The banking sector might not have come to assume such a significant role, however, had American efforts to reform Japanese finance during the Occupation (1945-52) been successful. How Japan’s banking system maintained continuity of development and avoided the occupiers’ attempts at "democratisation" and "Americanisation" is the subject of this book. It explores why the Americans were committed to reform, the reasons they failed and how important the maintenance of the financial status quo was to the subsequent development of Japan’s "miracle" economy.
Author: Masaaki Shirakawa Publisher: Yale University Press ISBN: 0300258976 Category : Business & Economics Languages : en Pages : 534
Book Description
A rare insider's account of the inner workings of the Japanese economy, and the Bank of Japan's monetary policy, by a career central banker The Japanese economy, once the envy of the world for its dynamism and growth, lost its shine after a financial bubble burst in early 1990s and slumped further during the Global Financial Crisis in 2008. It suffered even more damage in 2011, when a severe earthquake set off the Fukushima Daiichi nuclear disaster. However, the Bank of Japan soldiered on to combat low inflation, low growth, and low interest rates, and in many ways it served as a laboratory for actions taken by central banks in other parts of the world. Masaaki Shirakawa, who led the bank as governor from 2008 to 2013, provides a rare insider's account of the workings of Japanese economic and monetary policy during this period and how it challenged mainstream economic thinking.
Author: Kenneth J. Singleton Publisher: University of Chicago Press ISBN: 0226760685 Category : Business & Economics Languages : en Pages : 208
Book Description
How has the Bank of Japan (BOJ) helped shape Japan's economic growth during the past two decades? This book comprehensively explores the relations between financial market liberalization and BOJ policies and examines the ways in which these policies promoted economic growth in the 1980s. The authors argue that the structure of Japan's financial markets, particularly restrictions on money-market transactions and the key role of commercial banks in financing corporate investments, allowed the BOJ to influence Japan's economic success. The first two chapters provide the most in-depth English-language discussion of the BOJ's operating procedures and policymaker's views about how BOJ actions affect the Japanese business cycle. Chapter three explores the impact of the BOJ's distinctive window guidance policy on corporate investment, while chapter four looks at how monetary policy affects the term structure of interest rates in Japan. The final two chapters examine the overall effect of monetary policy on real aggregate economic activity. This volume will prove invaluable not only to economists interested in the technical operating procedures of the BOJ, but also to those interested in the Japanese economy and in the operation and outcome of monetary reform in general.
Author: Alexis Stenfors Publisher: Routledge ISBN: 0429629613 Category : Business & Economics Languages : en Pages : 217
Book Description
Since the financial crisis of 2008-09, central bankers around the world have been forced to abandon conventional monetary policy tools in favour of unconventional policies such as quantitative easing, forward guidance, lowering the interest rate paid on bank reserves into negative territory, and pushing up prices of government bonds. Having faced a crisis in its banking sector nearly a decade earlier, Japan was a pioneer in the use of many of these tools. Unconventional Monetary Policy and Financial Stability critically assesses the measures used by Japan and examines what they have meant for the theory and practice of economic policy. The book shows how in practice unconventional monetary policy has worked through its impact on the financial markets. The text aims to generate an understanding of why such measures were introduced and how the Japanese system has subsequently changed regarding aspects such as governance and corporate balance sheets. It provides a comprehensive study of developments in Japanese money markets with the intent to understand the impact of policy on the debt structures that appear to have caused Japan’s deflation. The topics covered range from central bank communication and policymaking to international financial markets and bank balance sheets. This text is of great interest to students and scholars of banking, international finance, financial markets, political economy, and the Japanese economy.
Author: Ryozo Himino Publisher: Springer Nature ISBN: 9811595984 Category : Business & Economics Languages : en Pages : 127
Book Description
This open access book provides a readable narrative of the bubbles and the banking crisis Japan experienced during the two decades between the late 1980s and the early 2000s. Japan, which was a leading competitor in the world’s manufacturing sector, tried to transform itself into an economy with domestic demand-led mature growth, but the ensuing bubbles and crisis instead made the country suffer from chronicle deflation and stagnation. The book analyses why the Japanese authorities could not avoid making choices that led to this outcome. The chapters are based on the lectures to regulators from emerging economies delivered at the Global Financial Partnership Center of the Financial Services Agency of Japan.
Author: Robert J. Pekkanen Publisher: Oxford University Press ISBN: 0190050993 Category : Political Science Languages : en Pages : 1001
Book Description
"Book Abstract and Keywords: The study of Japanese politics has flourished over the past several decades. This Handbook provides a state-of-the-field overview for students and researchers of Japanese. The volume also serves to introduce Japanese politics to readers less familiar with Japan. In addition, the volume has a theme of "evaluating Japan's democracy." Taken as a whole, the volume provides a positive evaluation of the state of Japan's democracy. The volume is divided into two parts, roughly corresponding to domestic Japanese politics and Japan's international politics. Within the domestic politics part, there are four distinct sections: "Domestic Political Actors and Institutions," covering the Japanese Constitution, electoral systems, prime minister, Diet, bureaucracy, judiciary, and local government; "Political Parties and Coalitions," covering the Liberal Democratic Party, coalition government, Kōmeitō, and the political opposition; "Policymaking and the Public," covering the policymaking process, public opinion, civil society, and populism; and, "Political Economy and Social Policy," covering industrial, energy, social welfare, agricultural, monetary, and immigration policies, as well as social inequality. In the international relations part, there are four sections: "International Relations Frameworks," covering grand strategy, international organizations, and international status; "International Political Economy," covering trade, finance, foreign direct investment, the environment, economic regionalism, and the linkage between security and economics; "International Security," covering remilitarization, global and regional security multilateralism, nuclear nonproliferation, naval power, space security, and cybersecurity; and, "Foreign Relations" covering Japan's relations with the United States, China, South Korea, ASEAN, India, the European Union, and Russia. Keywords: international relations, comparative politics, democracy, international order, alliances, space security, elections, Liberal Democratic Party, multilateralism, remilitarization, international organizations, populism, civil society, coalitions, political parties, trade, finance monetary policy, foreign direct investment, cybersecurity"--
Author: Adrian van Rixtel Publisher: Cambridge University Press ISBN: 1139437488 Category : Business & Economics Languages : en Pages : 418
Book Description
The success (and misfortunes) of the post-war Japanese economy has been one of the most debated points in modern economics. Many explanations focus on cultural and institutional factors, and in particular the role of 'Informality' (networks organizing business activity and government policy). Adrian van Rixtel, an economist at the European Central Bank, provides a quantitative and qualitative assessment of Informality in the formation of Japanese monetary policy. Having been based in Japan for three years, two years of which were spent at the Institute for Monetary and Economic Studies at the Bank of Japan and the Japanese Ministry of Finance, he is able to bring a unique 'insider-outsider' perspective to the subject.
Author: Rodney Edvinsson Publisher: Cambridge University Press ISBN: 1108141234 Category : Business & Economics Languages : en Pages : 528
Book Description
Written in celebration of its 350th anniversary in 2018, this book details the history of the central bank of Sweden, Sveriges Riksbank, as presented by Klas Fregert. It relates the bank's history to the development of other major central banks around the world. Chapters are written by some of the more prominent scholars in the field of monetary economics and economic history. These chapters include an analysis of the Bank of England written by Charles Goodhart; the evolution of banking in America, written by Barry Eichengreen; a first account of the People's Bank of China, written by Franklin Allen, Xian Gu, and Jun Qian; as well as a chapter about the brief but important history of the European Central Bank, written by Otmar Issing.
Author: Thomas F. Cargill
Author: Thomas F. Cargill
Author: William Tsutsui
Author: Masaaki Shirakawa
Author: Kenneth J. Singleton
Author: Alexis Stenfors
Author: Ryozo Himino
Author: Robert J. Pekkanen
Author: Adrian van Rixtel
Author: Hugh T. Patrick
Author: Rodney Edvinsson